Key Takeaways
- • OpenAI has secured only about $11 billion in commitments for its current funding round, less than half of its initial $30 billion target, according to people familiar with the matter.
- • The round values OpenAI at $1.25 trillion, down from the $1.4 trillion the company had earlier hoped for.
- • OpenAI has cut its fundraising target to $20 billion and will turn to family funds and high-net-worth individuals after limited interest from large institutional investors.
- • Weak demand follows a tech-stock selloff triggered by disappointing results from Google, Amazon and Intel, which has made investors more selective on AI deals.
- • Anthropic, expected to go public in November, posted a small second-quarter operating profit while OpenAI's operating losses widened, per the report.
Summary
OpenAI's latest funding round has drawn a lukewarm response from investors. According to people familiar with the matter, the ChatGPT developer initially sought $30 billion but has so far secured only about $11 billion in investment commitments. The round values the company at $1.25 trillion, below the $1.4 trillion it had earlier hoped for. Several large institutional investors have shown limited interest, the people said.
OpenAI has told shareholders it will keep fundraising over the coming weeks, lowering its target to $20 billion and turning its attention to family funds and high-net-worth individuals. The company is also working to accelerate revenue growth to catch up with rival Anthropic, which is expected to go public in November and posted a small operating profit in the second quarter, while OpenAI's operating losses widened over the same period. OpenAI plans to pursue an IPO as early as next year.
The weak reception coincides with a sharp selloff in technology stocks following disappointing results from Google, Amazon and Intel. Investors have become more cautious about AI-related transactions, becoming more selective about targets and deal terms.
Broader venture data underscores the concentration of capital. According to Crunchbase, global venture investment totaled nearly $680 billion in the first three quarters of 2026, driven largely by mega-rounds for companies such as OpenAI and Anthropic rather than a broad recovery. In the third quarter, about one-third of global venture funding went to 27 companies that each raised at least $1 billion. North American venture deal count fell 16% year over year and 14% quarter over quarter to the lowest quarterly level since 2023, even as funding rose 50% year over year to $92 billion.
Anthropic, currently the largest venture-backed private company, is viewed as a key test of the AI investment boom through its IPO performance. Market participants believe a strong reception could sustain large-scale AI fundraising, while a muted response could pressure private-market valuations. Crunchbase noted that a full venture recovery depends on deal counts rising alongside investment amounts.
OpenAI has told shareholders it will keep fundraising over the coming weeks, lowering its target to $20 billion and turning its attention to family funds and high-net-worth individuals. The company is also working to accelerate revenue growth to catch up with rival Anthropic, which is expected to go public in November and posted a small operating profit in the second quarter, while OpenAI's operating losses widened over the same period. OpenAI plans to pursue an IPO as early as next year.
The weak reception coincides with a sharp selloff in technology stocks following disappointing results from Google, Amazon and Intel. Investors have become more cautious about AI-related transactions, becoming more selective about targets and deal terms.
Broader venture data underscores the concentration of capital. According to Crunchbase, global venture investment totaled nearly $680 billion in the first three quarters of 2026, driven largely by mega-rounds for companies such as OpenAI and Anthropic rather than a broad recovery. In the third quarter, about one-third of global venture funding went to 27 companies that each raised at least $1 billion. North American venture deal count fell 16% year over year and 14% quarter over quarter to the lowest quarterly level since 2023, even as funding rose 50% year over year to $92 billion.
Anthropic, currently the largest venture-backed private company, is viewed as a key test of the AI investment boom through its IPO performance. Market participants believe a strong reception could sustain large-scale AI fundraising, while a muted response could pressure private-market valuations. Crunchbase noted that a full venture recovery depends on deal counts rising alongside investment amounts.
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